The Australian government's digital plan includes a $ 5 million investment in the blockchain

Australian government digital plan includes $ 5 million blockchain investment - australia blockchain blockchainland 780x405 1This week the Australian government unveiled its $ 574 million digital plan that includes seven-figure grants for distributed ledger technology initiatives.

Announced by Prime Minister Scott Morrison ahead of next week's federal government report, the plan includes $ 4,95 million to support "two blockchain-led pilot projects aimed at reducing corporate compliance costs." Morrison said:

"The plan supports Australia's economic recovery by removing outdated regulatory barriers, increasing the capacity of small businesses and supporting the adoption of technology across the economy."

Piper Alderman partner Michael Bacina said these two projects are important "to help demonstrate and unlock the value of the blockchain":

"As blockchain adoption accelerates around the world, this funding is a much appreciated boost to the Australian blockchain industry and our local experience."

Improvement of the Australian economy

As part of the plan, $ 480 million was designated for various technology initiatives that could intersect distributed ledger technologies, including $ 183 million for a new digital identity system and $ 301 million for the development of a single business registry. , enabling businesses to quickly view, update, and maintain corporate registry data in one place.

National head of blockchain, Chloe White of the Department of Industry, Science, Energy and Resources called direct funding "a huge win for the Australian blockchain today," adding that "it is the largest investment that the government has ever done in the sector ”.

Over the past eight months, White has worked closely with industry leaders to implement Australia's National Blockchain Roadmap and has announced two blockchain working groups for supply chain and educational credentials. White said:

"These pilot projects will complement the National Blockchain Roadmap, which is leading working groups on RegTech, supply chains, cybersecurity and credentials."

Australia's interest in the blockchain

Throughout 2020, the Australian government has shown a growing interest in distributed ledger technology (DLT) and blockchain application. In September, the Select Committee on Financial Technology (FinTech) and Regulatory Technology (RegTech) released an interim report with over 50 blockchain citations. Contributions to the committee reported that the blockchain's potential is "estimated at $ 175 billion a year within five years and $ 3 trillion by 2030".

Who is interested in learning more about this technology and how buy Bitcoins also with Australian platforms, you can refer to our in-depth article, in which you will find all the information you need to be able to exchange cryptocurrencies efficiently and profitably, for greater financial freedom.